Cabinet Approves $3.27bn for Sheikh Zayed Housing Programme

BY Realty Plus

According to WAM, the UAE Cabinet approved $3.27bn (AED12bn) for Sheikh Zayed Housing Programme adopting a number of initiatives and legislations aimed at further developing government work.

Sheikh Mohammed bin Rashid said: “I chaired a cabinet meeting today, where we adopted a housing loans budget of AED 12 billion for Sheikh Zayed Housing Programme during the coming years. The aim is to fulfill accumulated and expected requests and reduce the waiting period during the coming years.”

He added, “We approved the formation of the “Emirates Council for Balanced Development” chaired by Sheikh Theyab bin Mohamed bin Zayed Al Nahyan. The council’s goal is to develop plans, implement projects, and build government-private partnerships. It aims to develop the UAE’s regions, providing opportunities for citizens and a better future for children. I am optimistic about Theyab bin Mohammed and the youth’s energy.”

He affirmed: “Citizens will remain the priority and the government will support them continuously in housing, development, education, and economic and labour opportunities. The government’s role is to establish a balance between our rapid economic growth and providing a better life for our citizens.

The Cabinet approved a new policy of housing loans program, according to a mechanism that ensures covering all expected requests for the coming years, in order to reduce the waiting period. The Cabinet approved a new policy for the classification of businesses in the private sector, according to a specific mechanism that enhances the flexibility and competitiveness of the labour market and continuously supports the growing economic system in the country.

The Cabinet also adopted a decision to update the conditions and controls for classifying the occupational levels of employment in the labour market, to enhance its competitiveness in the country. Employment will be classified according to the nine occupational levels according to the International Standard Classification of Occupations (ISCO) issued by the International Labor Organisation.

The Cabinet approved a decision regarding providing protection for labour rights in the UAE’s labour market. It aims to ensure developing an integrated system for alternatives to employment insurance, contributing to protecting labour rights, providing more feasible benefits for employees, and reducing the financial burden on many establishments, in order to enhance the UAE’s global competitiveness in the field of protecting workers’ rights.

The Council will oversee the management of projects, coordinating with relevant ministries and local authorities on regions’ development plans, following up the implementation of initiatives, and approving the proposed areas of partnership with the private sector, especially national companies.

In terms of international affairs, the cabinet approved the decision to establish an embassy in the Kyrgyz Republic in the city of Bishkek, and to join the “Glasgow Leaders’ Declaration on Forests and Land Use” and the “Global Methane Pledge

Tags : Cabinet Sheikh Zayed Housing Programme Global Methane Pledge Emirates Council for Balanced Development International Standard Classification of Occupations (ISCO)